Oklahoma faces $878 million shortfall for upcoming year - KSWO 7News | Breaking News, Weather and Sports

Oklahoma faces $878 million shortfall for upcoming year

(Source KSWO) (Source KSWO)

By The Associated Press

OKLAHOMA CITY (AP) - A state panel has certified the Oklahoma Legislature will have $878 million less to spend on the budget for the upcoming fiscal year and that additional cuts must be ordered for the current year.

Collections to the state's general fund fell well short of projections. That means finance officials will order across-the-board cuts to all state agencies, including public schools.

The shortfall for the upcoming fiscal year beginning July 1 means the Legislature will have about 13 percent less to dole out to state agencies than they spent last year.

Oklahoma's Board of Equalization confirmed both shortfalls during its regular meeting Tuesday.

It's the third consecutive year with a budget shortfall and the second straight for a revenue failure. A revenue failure is declared when collections fall more than 5 percent below estimates.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • Special counsel questions Sessions; Is Trump coming soon?

    Special counsel questions Sessions; Is Trump coming soon?

    Tuesday, January 23 2018 10:10 AM EST2018-01-23 15:10:44 GMT
    Wednesday, January 24 2018 12:43 AM EST2018-01-24 05:43:04 GMT
    Attorney General Jeff Sessions has been interviewed in special counsel Robert Mueller's Russia investigation. (Source: (AP Photo/Carolyn Kaster)Attorney General Jeff Sessions has been interviewed in special counsel Robert Mueller's Russia investigation. (Source: (AP Photo/Carolyn Kaster)

    Attorney General Jeff Sessions has been interviewed in special counsel Robert Mueller's Russia investigation.

    Attorney General Jeff Sessions has been interviewed in special counsel Robert Mueller's Russia investigation.

  • Undersea quake sends Alaskans fleeing from feared tsunami

    Undersea quake sends Alaskans fleeing from feared tsunami

    Tuesday, January 23 2018 5:28 AM EST2018-01-23 10:28:12 GMT
    Wednesday, January 24 2018 12:42 AM EST2018-01-24 05:42:35 GMT

    A magnitude 8.2 earthquake off Alaska's Kodiak Island prompted a tsunami warning for a large swath of coastal Alaska and Canada's British Columbia while the remainder of the U.S. West Coast was under a watch.

    A magnitude 8.2 earthquake off Alaska's Kodiak Island prompted a tsunami warning for a large swath of coastal Alaska and Canada's British Columbia while the remainder of the U.S. West Coast was under a watch.

  • In Oscar nominations, fresh voices lead the way

    In Oscar nominations, fresh voices lead the way

    Tuesday, January 23 2018 12:18 AM EST2018-01-23 05:18:02 GMT
    Wednesday, January 24 2018 12:40 AM EST2018-01-24 05:40:52 GMT

    Guillermo del Toro's lavish monster romance "The Shape of Water" will vie for the most Oscar nominations Tuesday, but just as much attention may be focused on categories where women could history.

    Guillermo del Toro's lavish monster romance "The Shape of Water" will vie for the most Oscar nominations Tuesday, but just as much attention may be focused on categories where women could history.

Powered by Frankly